WorldWide Household Refrigerators And Freezers Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Household Refrigerators And Freezers Market

Industry / Sector Trends

Household Refrigerators And Freezers Market size was valued at over USD 59 billion in 2015 and is set to grow at 2.7% CAGR from 2016 to 2025.
 

Russia Household Refrigerators And Freezers Market size, by product, 2010-2025 (USD Billion)

 

Growing energy efficiency initiatives and rising purchasing power of consumers would drive the global household refrigerators and freezers market size over the forecast timeline. Capabilities of pairing smartphones with refrigerators and the advent of compressor less products contribute towards the key technological advancements witnessed in the industry.
 

Household refrigerators and freezers market size may witness considerable growth owing to stringent energy regulations for improving energy efficiency. The refrigerators built in 2011 required only 25% of the energy to operate as compared to the models built in 1975. With improving efficiency to meet standards, manufacturers have increased the refrigerator size by 20% and provided user-friendly technological advancements such as through-the-door-ice, water tap on the door, and more buying options for consumers.
 

The Department of Energy has made the fourth energy upgrade in less than 40 years for the 100-year old industry. Refrigerators that perform beyond the minimum energy standards qualify for the ENERGY STAR label. Manufacturers are investing in R&D to develop household refrigerators and freezers for continued efficiency improvements. These progressive energy-efficiency standards have translated into huge savings for consumers as manufacturers have responded with new innovations. The energy efficiency standards were last updated in September 2015 under which new models need to cut their energy consumption by 20% to 25%. These new standards are anticipated to save about 5 quads of energy over the next 30 years.
 

Market Segmentation, Outlook & Regional Insights: Household Refrigerators And Freezers Market

 Household Refrigerators And Freezers Market, By Product

French door bottom-freezer refrigerators market accounted for over 25% of the overall volume in 2015. Growing demand for technically advanced products with comfortable position for opening and closing doors will drive industry demand. Side-by-side refrigerators market share is projected to grow at 4% CAGR from 2016 to 2025. Increasing consumption of frozen and fast foods in urban regions will drive consumption from 2016 to 2025.
 

Rising demand for higher capacity frost-free devices has also shown a steeper growth in the past few years. Many established players have shifted their focus toward the higher-end spectrum with the introduction of premium products. The premium high capacity side-by-side refrigerators are gaining popularity among middle and upper-middle class owing to increasing number of double-income families which prefer more storage space. Furthermore, easy financing options, maintenance free compressors, and increased life cycle would support the demand over the forecast period.
 

Household Refrigerators And Freezers Market, By Region

Increasing disposable income and requirements for energy efficient products is responsible for Europe household refrigerators and freezers market share forecasts. The energy efficiency upgrade in September 2015 will contribute to rising demand for environmentally friendly products in the U.S. household refrigerators and freezers market. Newly launched models would reduce the energy consumption and operating costs making it reliable for consumers. Moreover, features such as automated temperature adjustability, smartphones connectivity, automated food ordering and desire for having second refrigerator are also forecast to increase demand.
 

Changing lifestyles in rural areas will drive the household refrigerators and freezers market size from 2016 to 2025. Significant investments by government in the rural electrification will also support the rising demand. Affordable single door or direct cool refrigerators are expected to be the largest selling units in these markets. With an increase in manufacturing technologies and globalization, products available for all income levels are affordable.
 

Key Players, Recent Developments & Sector Viewpoints: Household Refrigerators And Freezers Market


Major industry participants contributing to household refrigerators and freezers market share include Electrolux, Samsung, Whirlpool, Haier and LG. Other prominent players are General Electric, Bosch, Panasonic and Frigidaire.
 

Key players are focusing on providing more advanced features to consumers with extensive product portfolio to gain competitive edge. For instance, In January 2016, LG introduced its signature model in the U.S in its premium high-end category. This technology lets users browse through the contents of the fridge by a double knock on the opaque glass, which turns transparent. In the same year, Samsung introduced a new line of refrigerators at CES 2016 in the U.S. It can cement the fridge’s position as the centre of the kitchen offering the technology to convert a freezer to the fridge or vice versa to meet food storage requirements.
 

Household Refrigerators And Freezers industry Background

A household refrigerator is a small cold storage space where food products such as milk, ice-cream, fish, meat, vegetables, fruits, water, etc. can be stored at low temperature. These products make use of vapor compression system for maintaining storage conditions. The sizes of household refrigerator vary from about 100 litres to 600 litres.
 

An average refrigerator uses around 13.7% of the home’s energy and is classified to be the largest energy user after an air conditioner, which consumes about 16%. Refrigerators need to keep food frozen or cool running 24 hours a day. The normal life of a refrigerator lasts between 15 to 20 years. Consumers prefer their choice of product based on the following factors:

	Doors & drawers
	Versatility of switching opening side of the door
	Freezer position
	Size (compact, mid-size and large)
	Price (budget, basic and luxury)
	Aesthetic (finish, depth, interior storage)
	Warranties, accessibility and energy-efficiency

The products are available in wide array of sizes and styles depending upon the consumers. The basic configurations are refrigerator with freezer, top-mount, bottom-mount, side-by-side, French-door, chest freezers and upright freezers. Upright refrigerators are the simplest models having a single large door with the refrigerated space & freezer compartment on the back. These models are more economical than others but are less energy efficient as more energy is required to cool the freezer when the door is opened

Key Insights Covered: Exhaustive Household Refrigerators And Freezers Market
1.  Market size (sales, revenue and growth rate) of Household Refrigerators And Freezers industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Household Refrigerators And Freezers industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Household Refrigerators And Freezers industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Household Refrigerators And Freezers industry.

Research Methodology: Household Refrigerators And Freezers Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.